Error on credit report- good or bad?

[shameonme]

My chapter 7 was discharged on March 2009 and I'm starting to look into rebuilding my credit. I pulled my credit report, and noticed that my Home Depot credit card seems to have stopped reporting in 2005. The card was used many times after that however, and was included in my bankruptcy with about a $7500 balance at the time. It shows as an inactive but open account, with a current status of "pays as agreed," a limit of $5000, and a balance of $0.

I'm unsure whether this is good for my credit or bad. I don't know whether it helps having an open account in good standing, even though it isn't being used and reported... or if it's bad because it makes it appear as though I have that credit available to me. Should I have them fix the error or not? I'd appreciate some advice. Thanks!

[Amy26]

Its good and bad.... an open trade line in good standing affects you positively in that it establishes a longer credit history. Once an account is closed, it no longer counts to that good ole denial reason: "Length of credit history too short". Once a good account is closed, everything positive about it goes away. So, if you have one sitting on there that was always reported positvely, and it has a zero balance then you're still getting the benefit of the "length of an open trade line".

The bad part is they stopped reporting you in 2005. So, anything good about the reporting isn't really doing you a favor. And you will never be able to charge to it and have the payments help you etc...

You may want to check all three of your credit reports, as it could be reported differently on all of them. I'm amazed at how many of my cards were not even on most of my credit reports and then as soon as I filed for BK I kept seeing all these "a new account has been opened in your name". So, they were fine not to report me when I was paying but as soon as I bk'd them... they started.